INVESTOR UPDATE JUN 2016 Presenters 2 Joanne Pearson Chief - PowerPoint PPT Presentation

INVESTOR UPDATE JUN 2016

Presenters 2 Joanne Pearson Chief Financial Officer Michael Zhong Deputy Chief Financial Officer David Gillespie GM Corporate Finance Jean Feng Treasury Manager

Agenda 3 SGSPAA Business Overview Capital Restructure Investment Strengths Financial Overview Program Details

Ownership 4 State Grid Corp. of China Singapore Power (SGCC) (SP) Aa3 / AA- Aa2 / AA 100% 100% State Grid International Development Australia Investment Singapore Power International Company Limited (SGID) (SPI) A / A1 60% 40% SGSPAA A3 / BBB+ • SGCC is the world largest utility company. • SP is a leading energy utility company in Asia Pacific.

State Grid Corporation of China (SGCC) 5

SGCC International Presence 6 SGSP (Australia) Assets AusNet Services

Singapore Power Group 7 1 AA / Aa2 Singapore Companies Australia Companies Issuer 40% SGSPAA SP SP PowerAssets Telecommunications A3 / BBB+ SP Cross Island Tunnel Singapore District Jemena Trust 2 Cooling Power Automation PowerGas Zinfra (51%) 31.1% SP Training and SP PowerGrid AusNet Services Consultancy Company SP Services Notes: 1 Companies where shareholding interest is not indicated, Singapore Power Limited has 100% shareholding. 2 SP PowerAssets Limited is the trustee-manager of SP Cross Island Tunnel Trust and all units in SP Cross Island Tunnel Trust are held by Singapore Power Limited.

SGSPAA at a Glance 8 • Jemena : Regulated gas and electricity distribution and contracted gas transmission Established & diversified business • Zinfra : Contracted and competitive services business • 99% of CY15 EBITDA from regulated networks and contracted pipeline revenues • Growing Regulated Asset Base (RAB) Stable cash flows • JGN regulatory reset commenced 1 July 15 (appeal in progress), JEN commenced 1 Jan16 (final decision received on 26 May 16) Regulatory regime • Transparent and well established regulatory regime • SGCC is the largest utility in the world and has been ranked 7 th in the Fortune Strong shareholders Global 500 for the past 5 consecutive years from 2011 • SP is a leading energy utility company in the Asia Pacific region Investment grade • SGSPAA is rated A3 (Stable) / BBB+ (Stable) by Moody’s and Standard & Poor’s credit ratings (S&P) respectively

Broad Geographic Footprint 9 1 Regulated, Contracted & Network Services Businesses in Victoria, New South Wales, Queensland, South Australia, Tasmania, Western Australia & Australian Capital Territory Notes: 1 Northern Gas Pipeline is currently under construction.

Consolidated Performance 10 CY15 Revenue A$1,794M CY15 EBITDA A$988M CY15 Capex A$509M Infrastructure Infrastructure Other, 1% Investment, Zinfra, 3% Zinfra, 1% Services, 1.5% 1.5% Infrastructure Zinfra, 25% Investment, Jemena Gas 11% Pipelines, 17% Jemena Gas Pipelines, 21% Jemena Gas Jemena Gas Network, Network, 43% 35% Jemena Gas Jemena Gas Transmission Jemena Network, & Water Dist, Electricity 45% 12% Network, Jemena 26% Jemena Electricity Electricity Network, 32% Network, 25% Notes: CY15 financials are based on the statutory accounts for 12 months ended Dec 15.

11 Jemena Gas Network (JGN)

Jemena Gas Network 12 Financial Highlights (A$M) 1 Operational Review • Asset type: Regulated 800 619 584 527 • Approx. RAB: A$3.2B as at 31 Dec 15 600 512 450 414 395 365 400 • Length of mains: approx. 25,000kms 221 155 145 145 200 • Stable customer growth - • Over 1.25 million customer connections as at Revenue EBITDA Capex FY13 FY14 CY14 CY15 31 Dec 15 EBITDA Contribution 1 • Access arrangement from Jul 15 to Jun 20 – Forecast RAB growth of 3.7% p.a. EBITDA margin: 73% Jemena Gas Network, 45% Rest of Group, 55% Volumes & Customer Connections 2 91 95 90 1,300 91 100 1,250 1,200 50 1,150 1,166 1,203 1,232 1,251 - 1,100 FY13 FY14 CY14 CY15 Notes: Customer Connections ('000s) Volume (Pj) 1 CY14 represents a 9 month period from 1 Apr 14 to 31 Dec 14. 2 For the year ended 31 Dec 15 based on Regulatory Information Notices.

13 Jemena Electricity Network (JEN)

Jemena Electricity Network (incl. AMI) 14 Financial Highlights (A$M) 2 Operational Review 448 500 • Asset type: Regulated 390 363 400 315 268 • Approx. RAB: A$1.3B 1 as at 31 Dec 15 300 216 192 182 181 165 142 200 112 • Line length: approx. 6,100kms 100 • 1 of 5 licensed elect distribution networks in - Revenue EBITDA Capex VIC FY13 FY14 CY14 CY15 • Over 321,000 customers as at 31 Dec 15 EBITDA Contribution 3 • Regulatory period from Jan 16 to Dec 20 – Forecast RAB growth of 6.6% p.a. EBITDA margin: 60% Jemena Electricity Network, 26% Rest of Group, 74% Volumes & Customer Connections 3 4,328 4,229 4,212 4,136 322 4,000 320 3,000 318 318 320 320 321 2,000 316 FY13 FY14 CY14 CY15 Notes: Customer Connections ('000s) Volume (GWh) 1 RAB includes AMI RAB. 2 CY14 represents the 9 month period from 1 Apr 14 to 31 Dec 14. 3 For the year ended 31 Dec 15.

15 Jemena Gas Pipelines

Jemena Gas Pipelines 16 Financial Highlights (A$M) 1 Operational Review 250 213 • Asset type: Contracted 187 181 200 169 • Eastern Gas Pipeline (EGP) – 130 PJ pipeline into 144 140 136 150 117 107 Sydney 100 59 • Queensland Gas Pipeline (QGP) – 55 PJ pipeline into 50 13 9 growing industrial hub in Queensland - Revenue EBITDA Capex • VicHub connects pipelines that feed into Sydney, FY13 FY14 CY14 CY15 Melbourne and Tasmania • Colongra (Col) Pipeline – delivers gas to Snowy EBITDA Contribution 1 Hydro’s gas turbine facility on the Central Coast of EBITDA margin: 79% Jemena NSW Gas • Northern Gas Pipeline (NGP): Jemena won the bid to Pipelines, 17% build and operate the North East Gas Interconnector in 2015. The pipeline will link Northern Australia’s gas Rest of Group, fields to the east coast gas market. 83% EBITDA Margin 100% 80% 60% 40% 82% 79% 75% 75% 20% 0% FY13 FY14 CY14 CY15 Notes: 1 CY14 represents the 9 month period from 1 Apr 14 to 31 Dec 14.

North East Gas Interconnector (NEGI) 17 • Jemena successfully won the bid to build and operate the Northern Territory Gas Pipeline in Nov 15. • The 623km pipeline will link the Northern Territory's Amadeus pipeline to Queensland's Carpentaria pipeline between Tennant Creek and Mount Isa, driving commercial exploration and development of currently untapped gas reserves, unlocking the next phase of economic growth for the Territory. • Decision made to build NGP as 12” pipeline, capital expenditure re- profiled and additional capital for gas processing opportunities. Key procurement activity is underway. • The project is estimated to cost $800M with gas expected to flow to east coast markets from end 2018.

18 Asset Investments

ActewAGL Distribution Partnership (AAD) 19 EBITDA Contribution 1 Operational Review • Asset type: Regulated Actew AGL, • Electricity and gas distributor: Delivers 8% electricity and gas to approx. 324,000 customers in ACT & NSW • Partnership with Icon Water Limited, a Rest of Group, 92% government owned company with assets and investments in water, wastewater, electricity, gas and telecommunications • Regulatory reset periods from Jul 14 to Jun 19 (electricity) and Jul 16 to Jun 21 (gas) Historical EBITDA (A$M) 2 80 70 60 50 40 75 66 30 56 50 20 10 - FY13 FY14 CY14 CY15 Notes: 1 Based on CY15 Actual EBITDA. 2 CY14 represents the 9 month period from 1 Apr 14 to 31 Dec 14.

United Energy Distribution (UED) (34%) 20 EBITDA Contribution 1 Operational Review UED, 3% • Asset type: Regulated • RAB: A$2.3B as at 31 Dec 15 • Electricity distributor: Delivers electricity to approx. 660,000 customers in VIC • Line length: approx. 13,000kms • Regulatory reset period from Jan 16 to Dec 20 Rest of Group, 97% Historical EBITDA (A$M) 2 50 45 40 35 30 25 45 20 15 26 10 20 15 5 - FY13 FY14 CY14 CY15 Notes: 1 Based on CY15 Actual EBITDA. 2 CY14 represents the 9 month period from 1 Apr 14 to 31 Dec 14.

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Zinfra 22 Financial Highlights 1 Operational Review 636 • Asset type: Contracted / Competitive services 570 550 600 business 447 500 • Provides range of services to companies 400 within the SGSPAA Group and to third parties 300 200 • Zinfra has developed a substantial operational 100 29 16 14 presence across Australia primarily to target 9 - the outsourcing of construction and Revenue EBITDA maintenance activities by utilities and adjacent FY13 FY14 CY14 CY15 markets • Services provided include engineering, EBITDA Contribution 2 maintenance, network operational services, EBITDA margin: 2% Zinfra, 1% construction and service integration Rest of Group, 99% Notes: 1 CY14 represents the 9 month period from 1 Apr 14 to 31 Dec 14. 2 Based on CY15 Actual EBITDA.

Agenda 23 SGSPAA Business Overview Capital Restructure Investment Strengths Financial Overview Program Details